Wave Analysis 15.12.2011 (USD/CHF, EUR/USD)
15.12.2011
Analysis for December 15th, 2011
USD/CHF
The USD/CHF currency pair continues growing inside the third wave. However, a major wave 3 is far from the completion, thus indicating that the price may continue moving upwards during the next several weeks. In the future, the levels of 0.9600 and 0.9700 may be a starting point of the correction.
It looks like the price has completed an extension in wave (3) at the H1 chart. Currently the price is forming the fourth wave, which is taking the form of a running pattern. During the day we can expect the local correction to be finished and the price to start growing while forming the fifth wave.
EUR/USD
The price continues falling down inside the third wave. The current chart structure lets us suppose that the pair will continue falling down, as there are no signs of any correction so far. The target level is still the one of 1.2850.
More detailed wave markings are shown on the H1 chart. It looks like the price completed an extension in wave 3, and currently the correction is taking place. In the near term, we can expect the pair to finish the formation of the fourth wave and start falling down inside the fifth one.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.